Initial Europe February toluene agreed down by $15-46/tonne

LONDON (ICIS)--Some initial February European toluene contracts were agreed at $1,275-1,279/tonne (€944-946/tonne), sources said on Friday, down $15-46/tonne from the previous month’s range.

A settlement at $1,279/tonne was reported late on Thursday January 31 by one consumer. This was followed today by another consumer, who reported an agreement at $1,275/tonne.

Other players have yet to finalise February contracts, in a market still characterised by thin spot activity.

“It’s very difficult,” said one seller, who had heard of the initial numbers but had not yet agreed anything. “There’s no traction in the market.”

Some spot deals were done at $1,310-1,320/tonne early in January for export purposes, but the market has gradually eased down since then in line with Asian pricing. Spot offers in Europe are currently around $1,280-1,290/tonne.

The contracts were settled on a free on board (FOB) northwest Europe (NWE) basis.